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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

?- 10/29/20

? 10/28/20

?- 10/30/20

Short term

Dn 10/26/20

Dn 10/27/20

Dn 10/26/20


Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

Thursday, September 8, 2016

Daily update 9/8

Zzzzzzzzzzzzzzzzzzzzzzz.


Still no upside follow through from Tuesday.  Breadth was -54%.  New highs dropped considerably to 174.  Bulls are not exactly tripping over themselves to buy here.  The market found its high and low this morning.  The afternoon was spent forming a small triangle indicating decreasing volatility.  As if volatility could actually get any lower.


What a narrow range.  The endless nothing.


The bulls had a chance to seize the day when the green count crossed 50, but they dropped the ball. 

I  cannot find such a long narrow range pattern in the last 30 years on SPX.  This is a very, very odd pattern for the SPX daily chart in today's world.  We will only know if there is some important meaning in hindsight.  We see this kind of pattern intraday sometimes.  Usually when it is a continuation pattern there is a false break out first the wrong way.  Sometimes that break out gathers moss and the trading range turns into a reversal pattern.  I suspect to get the market moving again price will end up breaking below this trading range.  Then either the bulls will come stampeding in or people start bailing like mad. Until we break out/down the beach looks like a good place to be.

Bob

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